NEW STARTS NOW DISCLAIMER

his presentation does not constitute or form This presentation includes statements that are, The information and opinions contained in this T part of and should not be construed as an or may be deemed to be, “forward- looking document are provided as at the date of this advertisement of securities, an offer or statements”, with respect to the financial presentation and are subject to change invitation to sell or issue or the solicitation of condition, results, operations and businesses of without notice. Some of the information an offer to buy or acquire or subscribe for N.V. These forward-looking is still in draft form and neither X5 Retail securities of X5 Retail Group N.V. or any of its statements can be identified by the fact that Group N.V. nor any other party is under any subsidiaries or any depositary receipts they do not only relate to historical or current duty to update or inform recipients of this representing such securities in any events. presentation of any changes to such jurisdiction or an invitation or inducement to information or opinions. In particular, it engage in investment activity in relation Forward-looking statements often use words should be noted that some of the financial thereto. In particular, this presentation does such as” anticipate”, “target”, “expect”, information relating to X5 Retail Group not constitute an advertisement or an offer “estimate”, “intend”, “expected”, “plan”, “goal” N.V. and its subsidiaries contained in this of securities in the Russian Federation. believe”, or other words of similar meaning. document has not been audited and in By their nature, forward-looking statements some cases is based on management No part of this presentation, nor the fact of its involve risk and uncertainty because they relate information and estimates. distribution, should form the basis of, or be to future events and circumstances, a number relied on in connection with, any contract or of which are beyond X5 Retail Group N.V’s Neither X5 Retail Group N.V. nor any of its commitment or investment decision control. As a result, X5 Retail Group N.V’s agents, employees or advisors intend or whatsoever. actual future results may differ materially from have any duty or obligation to supplement, amend, update or revise any of the No representation, warranty or undertaking, the plans, goals and expectations set out in statements contained in this presentation. express or implied, is given by or on behalf of these forward- looking statements. X5 Retail X5 Retail Group N.V. or any of its directors, Group N.V. assumes no responsibility to update officers, employees, shareholders, affiliates, any of the forward looking statements contained advisers, representatives or any other person in this presentation. as to, and no reliance should be placed on, the fairness, accuracy, completeness or For Russian law purposes, the securities correctness of the information or the opinions mentioned in this presentation (the contained herein or any other material "Securities") represent foreign securities. discussed at the presentation. Neither X5 No prospectus for the issue of the Securities has Retail Group N.V. nor any of its directors, been or is intended to be registered with the officers, employees, shareholders, affiliates, Central Bank of the Russian Federation. The advisors, representatives or any other person information provided in this presentation is not shall have any liability whatsoever (in intended to advertise or facilitate the offer of negligence or otherwise) for any loss the Securities in the territory of the Russian howsoever arising from any use of this Federation. This presentation does not presentation or any other material discussed at represent an offer to acquire the Securities or the presentation or their contents or otherwise an invitation to make offers to acquire the arising in connection with the presentation. Securities.

2 I. HIGHLIGHTS

3 OUR MISSION AND GOALS

To become the most valuable company in the eyes of customers, employees, and shareholders, which means:

Shareholder Customer recognition Employee recognition + = recognition Retail and NPS High engagement leadership

Focus on strategic KPIs

 Net retail sales  Employee turnover  Market capitalisation  LFL  Engagement  ROIC  Price perception  Dividends  NPS  Valuation multiples

4 STRATEGIC HIGHLIGHTS

. Market leader in Russian food retail, 12.8% market share in 12M 2020 . Strategy is aimed at maintaining leadership

. X5 is a multi-format retailer with focus on two largest segments of the Russian food retail - proximity and . Balanced approach to expansion . Fast growth of online ; express delivery in pilot stage

. Constant adaptation of value proposition to Russian consumers’ changing needs and current macro environment, including expansion of fresh assortment, widening local assortment, development of loyalty programmes

. Significant investments in and transport: in the last 3 years X5 opened 11 DCs and currently operates 43 DCs . adding new links in the value chain and operating a fleet of 4,128 owned trucks as of 30 June 2021 . Development and implementation of the Big Data strategy based on loyalty cards information . Focus on innovation, digitalization and automation of business processes

. Dividend policy since September 2017 . 2020 dividend RUB 50.0 bln / RUB 184.13 per GDR, which represents 127.6% of net under IAS 17 5 KEY RESULTS Q2 2021

. 10.7% growth at . 7.4% YoY selling space growth in Q2 2021 (10.4% net retail in Q2 2021 (+336 new stores sales growth in Q2 2021) added, net)

. 4.0% LFL sales growth . 20% of X5 stores operate in new in Q2 2021 concept as of Q2 2021 (new CVP launched in 2019)

. 8.3% adj. EBITDA margin . +12.9% YoY loyal in Q2 2021 customers; 62.9 mln active loyalty card users as of 30 Jun 2021, across formats

. 96% of net store additions in Q2 . 1.68x Net debt / EBITDA as 2021 was organic growth of 30 June 2021 . 96% of net store additions in lease

. 57.6 thousand daily . +105.7% digital sales in Q2 online orders in Q2 2021, 2021, contributed 1.1 p.p. to up 2.9 times YoY sales growth rate

*Customers who made at least one purchase during the last quarter 6 Source: X5 data X5 VS. RUSSIAN FOOD RETAIL IN TOP-LINE GROWTH

28% 28% 25%

23% 20% 21% 18% 21% 19% 18%

19% 13% 14% 12% 11% 14% 9% 10% 10% 9% 9% 8% 9% 8% 10% 6% 7% 7% 5% 7% 8% 7% 4% 4% 2% 5% 2% 3% 2% 2%

2012 2013 2014 2015 2016 2017 2018 2019 2020 H1 2021

X5 y-o-y revenue growth Top-10 Market Food CPI

Source: Infoline, X5 analysis Starting from 2015, X5 has constantly outperformed the market and competition 7 OUR COMPETITIVE ADVANTAGES

1 Strong brands

2 Effective omni-channel operating model

3 Growing loyalty programme

4 Developed backbone infrastructure

5 Strong leadership team

6 Strong corporate governance and ESG

8 X5 MULTI-FORMAT OFFER

Pyaterochka Perekrestok Chizhik Perekrestok Vprok

Format Proximity store Supermarket Hard discounter FMCG

Price [Low] – [Mid] [Mid] – [Mid+] [Low] – [Mid-] [Mid-] – [Mid] segment

Medium choice of Wide choice of food Primary food offer Assortment food products, products, wide range assortment: the ready-to-eat food of ready-to-eat food widest choice of food and non-food products

Offline (physical) Offline (physical) Offline (physical) Online stock up Sales stores, express stores, click & collect, stores, express delivery channels delivery express delivery delivery

Online express delivery

9 KEY BENEFITS OF FOOD RETAIL MARKET LEADERSHIP

. Market leaders tend to have significant impact on how the market develops, and other players follow

. Leaders often set the predominant market pricing strategy, which serves as the benchmark for other players to adapt to

. Strong position to influence consumer behavior and shopping habits

. Leaders enjoy better financing and vendor supply terms relative to competition

. Overall competitive advantages support higher profitability and ROI

X5 aims to increase its leadership as ’s #1 food retailer: 15% market share target in 2023 in offline, 20% in online 10 EVOLUTION OF RUSSIAN FOOD RETAIL MARKET

2020 2030E Retail Food Market Retail Food Market: (incl. HoReCa): RUB 28.1 trn RUB 17.5 trn +RUB 10.6 trn (4.8% CAGR) 80.5% - Offline 92.9% - Offline food retail food retail

0.9% - Online 10.1% - Online food retail food retail

4.1% - Offline ready-to-eat segment

2.1% - Online ready- to-eat segment

6.8% - Offline ready- to-eat segment

2.7% - Online ready-to- eat segment

Source: Infoline

Online food and ready-to-eat will attract new customers from traditional retail

11 RUSSIAN FOOD RETAIL MARKET TRENDS NON-PRICE ELEMENTS GAIN IMPORTANCE

What clients % of respondents giving positive answer expect from retail? 2012 2018 2023

Price/ -7 p.p. -3 p.p. Quality 60% 53% 50%

+4 p.p. Convenience +9 p.p. 45% 32% 36%

Assortment +3 p.p. +5 p.p. 32% 35% 40%

Pleasant +5 p.p. +7 p.p. atmosphere 30% 18% 23%

+15 p.p. Sustainable 30% n/a 15% approach

Source: Ipsos, X5 data

12 X5 REGIONAL PRESENSE

X5 today . Multi-format presence in seven Federal Districts . Total stores – 18,295, including: ― 17,268 stores ― 968 Perekrestok supermarkets ― 40 Karusel

North North Format Unit Southern Central Volga Ural Siberian Total Caucasus Western

340 1,751 6,295 4,591 1,792 1,537 962 17,268

Number of 9 57 537 142 148 75 - 968 stores, #

1 1 24 10 4 - - 40

Net retail sales 1.2% 7.0% 48.1% 19.0% 13.8% 7.5% 3.4% 100% (Q2 2021), %

Source: X5 data

13 X5 DISTRIBUTION CAPABILITIES

Warehouse space as of 30 June 2021

Space, Federal district # of DCs th. sq. m Central 576 15 6 North-Western 150 6 Volga 230 9 15 Ural 148 6 9 6 Southern 143 5 5 Siberian 72 2 2 Total 1,319 43

Centralisation levels Highlights for H1 2021

. X5 continued the implementation of the new Logistics and 93% 95% 95% 95% 95% 85% 88% Transportation Strategy covering the period until 2025. . As of 30 June 2021 the Company owned 4,128 trucks.

2015 2016 2017 2018 2019 2020 H1 2021

Source: X5 data

14 SUPPLY CHAIN: KEY ACHIEVEMENTS

Selling space per sq.m of warehouse Own truck fleet (units) space (sq.m)

5.9 4,124 4,055 5.5 3,830 5.0 4.7 3,144

2017 2018 2019 2020 2017 2018 2019 2020

DC throughput (boxes/sq.m) Warehouse costs (RUB/box)

-11% +10% 6.5 6.3 10.2 5.9 6.0 9.2 9.1 9.0

2017 2018 2019 2020 2017 2018 2019 2020

Source: X5 data Strong growth of X5 is supported by advanced supply chain that leverages the latest technologies and efficient systems to provide high-quality and reliable service at all stores. 15 OPERATIONAL HIGHLIGHTS (ANNUAL)

Net retail sales dynamics, RUB bn LFL sales, % y-o-y growth

CAGR 2016-2020: 17.8% 14.2% CAGR 2018-2020: 13.8% 1,973 1,728 1,525 1,287 7.7% 1,026 5.4% 5.5% 4.0% 1.5%

2016 2017 2018 2019 2020 2016 2017 2018 2019 2020

Selling space, th. sq. m Number of stores, end of period CAGR 2016-2020: 16.2% CAGR 2016-2020: 17.8% CAGR 2018-2020: 10.1% 8.3% CAGR 2018-2020: 10.8% 8.7%

7,840 7,239 17,707 6,464 16,297 5,480 14,431 12,121 4,302 9,187

2016 2017 2018 2019 2020 2016 2017 2018 2019 2020

Source: X5 data 16 FINANCIAL HIGHLIGHTS (ANNUAL)

Revenue dynamics, RUB bn Gross profit & gross margin CAGR 2016-2020: 17.6% CAGR 2016-2020: 18.2% CAGR 2018-2020: 15.2% 14.1% CAGR 2018-2020: 14.8% 24.2% 23.9% 24.1% 24.6% 24.6% 1,978 1,734 14.4% 1,533 487 1,295 426 1,034 370 309 250

2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Gross profit, RUB bn Gross margin, %

Adj. EBITDA & adj. EBITDA margin[1] Adj. Net profit and adj. net profit margin[2] CAGR 2016-2020: 16.4% CAGR 2016-2020: 20.4% CAGR 2018-2020: 15.3% CAGR 2018-2020: 27.8%

7.7% 7.7% 7.2% 7.3% 7.4% 2.2% 2.6% 2.4% 1.9% 2.1% 14.6% 146 47 127 37 99 110 34 29 80 22

2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Adj. EBITDA, RUB bn Adj. EBITDA margin, % Net profit, RUB bn Net profit margin, %

Source: X5 data [1] − Adjusted for LTI, exit share-based payments and other one-off remuneration payments [2] – Adjusted net profit is net profit before one-off impacts from Karusel transformation and tax accrual due to X5 reorganisation in 17 previous periods. II. DELIVERING ON OUR STRATEGY

18 STRATEGY 2018-2020 IMPLEMENTING AND ADAPTING

STRATEGY IMPLEMENTATION STAGES 1-2 years 1-3 years 1-5 years

Strengthen the Next Generation Digital transformation core business Retail

. EBITDA margin above 7% . Formed big data team and . Achieved market leadership in competence centre the e-grocery segment in Russia . Increased NPS . Launched digital transformation . Launched express delivery . Updated CVPs of retail chains, programme mobile apps for retail chains rolling out new store concept for proximity and supermarkets . Implemented big data analytics . 5Post e-commerce logistics in pricing, assortment platform is delivering over 1 mln . Increased share of private labels management and demand orders per month in sales forecasting processes . Approved sustainable . Increased share of direct import . Transformed IT development development strategy, defining . Reduced shrinkage level process, implementing product Х5’s areas of focus in ESG mindset . Reduced employee turnover . Launched Х5 Digital Academy . Launched client experience management programmes . Created innovation centre and retail technology alliances . Launched transformation of Karusel hypermarket format . Launched new technologies developed in house, including . Created ready-to-eat business self-checkout counters, self- unit scanning and scan & go offering

19 STRATEGY 2023

Our goal is to create value for both X5 shareholders and the broader society by advancing and evolving our technology and competitive strategies to further cement our position as the top choice in the food market

LEADERSHIP IN FOOD MARKET COMMITMENT TO SHAREHOLDERS

15% 20% • Growing shareholder value • Growing dividends X5 share X5 share • More frequent dividend payouts of grocery market in 2023 of e-grocery market in 2023 (12.8% as of 12M 2020) (12.6% in 12M 2020)

LEADERSHIP IN DIGITALISATION CARE FOR THE COMMUNITY

38 mln 5% • Implementing a sustainable business model Monthly active users in X5 Share of digital digital channels and mobile businesses apps in 2023 in revenue in 2023 (1.0% in 2020)

FINANCIAL & OPERATIONAL TARGETS

>10% >7% Capex growth c. 30% Revenue CAGR EBITDA margin per annum not faster share of promo in revenue in 2021-2023 in 2021-2023 than revenue growth by year-end 2023 in 2021-2023 (c. 35% in 2020)

20 SUSTAINABLE DEVELOPMENT PERFORMANCE TARGETS

Strategic targets by 2023 30x30 – Strategic Goals by 2030

COMMUNITIES +100% Up to 30% families receiving Basket of increase of the growth rate of number of families Kindness help by 2023 receiving Basket of Kindness per year

HEALTH Promote responsible Expansion of healthy Up to 50% programmes and lifestyle assortment share of fresh and fruit & vegetables in principles across assortment by 2023 the supply chain

EMPLOYEES >75% #1 #1 Organisation of healthy employee engagement employer in ranking of employer in ranking of and safe workplace for all by 2023 Russian food retailers Russian food retailers employees

PLANET Up to 10% Up to 10% Up to 95% 30% 30% reduction in GHG reduction in waste share of X5’s reduction of GHG share of renewable energy emissions by 2023 generation recyclable waste emissions in X5 operations sent for recycling (Scope 1 + Scope 2)

Up to 40% At least every 5th >50% 30% of non-expired supplier promotes share of private reduction in ratio of food waste to be sustainable label assortment waste generated to reprocessed by packaging with sustainable retail sales 2023 packaging

21 POSITIVE DYNAMICS IN KEY ESG RATINGS

MSCI ESG rating Sustainalytics Risk Rating*

BBB 24.2 20.8 BB

2020 2021 2019 2020

Bloomberg ESG Disclosure Score S&P Global CSA 34 49.2

26 41.7

2020 2021 2019 2020

*Scale 1 to 100 with 100 = worst, 1 = best 22 BUSINESS GROWTH STRUCTURE WILL EVOLVE

Contributors to growth of revenue Structure of X5 digital sales, 2022F

1.5% 5.0% 6.3% New businesses 10.3% Personalised Perekrestok Vprok LFL growth online offers 32.1%

39.3%

52.8% 54.8%

Express delivery 66.4% Net expansion 55.7% services, Click & Collect, 5 Post, etc. 41.0% 34.9%

2019 2020F 2021F 2022F

Source: X5 data

Revenue growth structure is expected to change: . Share of LFL sales and new businesses will increase . Share of growth from expansion will decline

23 OVERVIEW OF X5’s NEW BUSINESSES (1/2)

Perekrestok Vprok 5Post Express delivery

Launched 2018 2019 2020

EBITDA 2021 2021 2023 positive

CAPEX < RUB 15 bn < RUB 10 bn RUB 1 bn 2020-2023

Top 3 in express delivery in Result #1 in e-grocery in 2020 #2 in e-com delivery 2020 2020

X5 estimates it will earn 5% of revenue from new businesses in 2023 24 OVERVIEW OF X5’s DIGITAL BUSINESSES (2/2)

Vprok (marketplace) 5Post Express delivery

Strategic . Online will help X5 become a . E-comm parcel delivery . Meet customers’ demand for consistency leader in food/FMCG e- complements X5 retail sales food/FMCG express delivery commmerce . Strengthens X5’s reputation . Improve customer loyalty . Perekrestok Vprok transfers and position in the retail and X5’s share in overall the stock-up mission to market customer spending online (from hypermarkets)

Economic value . Vprok is expected to become . 5Post is expected to become . Express delivery is expected EBITDA positive in 2021, EBITDA positive in 2021 to become EBITDA positive excluding marketplace GMV in 2023 . 5Post parcel lockers help to increase X5’s in-store traffic . Potential to grow sales higher with an ecosystem platform

Synergy with core . Enhance growth of X5 sales . Low delivery costs and within . Express delivery is integrated business via digital channels short timeframe due to into all X5’s formats developed infrastructure . Consolidates leadership in . Proximity of X5’s stores to food/FCMG e-commerce . Parcel lockers in X5 stores customers in large cities are more convenient for customers than regular pick- up points

25 CUSTOMER LOYALTY IS KEY

Proximity stores Supermarkets Hypermarkets

. Over 203 mln cards issued . Over 37 mln cards issued . Over 13 mln cards issued . Over 46 mln active users* . Over 14 mln active users* . Over 1 mln active users* . 65% traffic penetration . 65% traffic penetration . 81% traffic penetration . 79% retail sales penetration . 83% retail sales penetration . 94% retail sales penetration

NPS . Understanding of motivations, buying behaviors and purchase histories creates an ability to provide a more satisfying customer experience ‒ Personalized promo ‒ Optimization of assortment

LFL traffic . Increasing traffic though new CVP, improved offers and promotions . Increasing number of repeat visitors by maintaining loyalty memberships and consistently creating value for customers

LFL ticket . Building transaction size by deeper engagement and increasing share of wallet ‒ Engaging customers across multiple channels, including email, SMS messages, mobile applications and social media

+12.9% y-o-y loyal customers* in Q2 2021 to 62.9 mln 26 *Customers who made at least one purchase during the last quarter FOCUS ON CVP: INSIGHTS FROM PYATEROCHKA LOYALTY PROGRAMME

Revenue by loyalty segment Approximate spending RUB ths per person per year

Regular customers without loyalty cards

42% Regular customers with loyalty cards

63%

Revenue approx. 5x bigger than regular customer 19% High-value customers with loyalty cards

26% . Moving 1% of customers without loyalty cards to 39% customers with loyalty cards leads to approximately 2.7% growth in Pyaterochka revenue

11% . If every loyalty card customer increased spending by 10%, it would lead to roughly 3.8% growth in Pyaterochka revenue Customers Revenue

New Pyaterochka CVP will focus on increasing the number of loyal customers and on spending per loyal customer 27 NEW STORE FORMATS

. Higher LFL sales compared to the old format . Higher LFL sales compared to the old format ─ by 4.0 p.p. in Q1 2021 ─ by 10 p.p. in Q1 2021 ─ by 5.2 p.p. in Q2 2021 ─ by 12 p.p. in Q2 2021 . Capex per store is comparable vs old format . Capex per store is comparable vs old format . C. 1,000 reconstructions are planned for 2021 . 37 reconstructions are planned for 2021

Number of stores in the new format – Number of stores in the new format - Pyaterochka Perekrestok 17.1% 20.6% 200 12.0% 13.5% 16.8% 9.0% 166 12.6% 3,560 10.2% 150 127 2,845 112 2,112 100 82 1,670

50

0 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Number of stores in the new format Number of stores in the new format Share of stores in the new format, % Share of stores in the new format, %

Source: X5 data 28 QUALITY OF NEW OPENINGS

Cash return on new store opened >30% -0.3 p.p. y-o-y

Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021

Note: Opened 12-36 months ago

Share of stores in ‘clinic’

18,295 17,707 17,959 17,352 17,025

5.3% 4.1% 3.6% 3.4% 2.7%

Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021

Number of stores, eop Share of stores in 'EBITDA clinic'

Source: X5 data

29 LARGER MARKET SHARE DRIVES HIGHER PROFITABILITY

EBITDA above 10% 7-11% 7% or less margin, %

Sales density, Above 350 200-250 220 or less RUB ths / sqm

>25%

16% 16% Market 13% share, % 10% 10% 6% 4%

St Petersburg and Central (excl. Volga North-Western Ural Southern and Siberia and Leningrad Moscow region Moscow and (excl. St North region Moscow Petersburg Caucasus region) and Leningrad region)

Source: Rosstat, X5 data

30 SALES DENSITY STABILISATION IMPACT OF REGIONAL MIX

Unit: ‘000 RUB/m2 (annualised) Overall 264 262 262 261 258

Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021

Moscow & St Petersburg Rest of Russia Moscow region & Leningrad region

354 355 376 353 351 374 375 220 373 347 371 217 215 211 207

Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 2020 2020 2020 2021 2021 2020 2020 2020 2021 2021 2020 2020 2020 2021 2021

Source: X5 data

Sales densities are consistently improving during 2020 and 2021

31 OPERATIONAL EFFICIENCY KEY INITIATIVES

Proximity stores Supermarkets

. Launch of shrinkage committees in macro . Develop and test clustered pricing policies regions . Rollout of a regional pilot store . Remote F&V acceptance launched at DCs

. Smart reduction in the assortment model

Regional Regional Shrinkage

. Further development of regional logistics . Continued development of multilayer logistics infrastructure . Synergies with Pyaterochka for remote regions . Focus on improving efficiency of . Further improve staff productivity

transportation between own DCs Logistics Logistics

. Matching personnel compensation with market . Audit of store processes benchmarks . Decrease in inventory . Optimise salary to regions . Simplify operations

. Optimal staff planning Personnel . Efficient use of capex to open a new store

Lean Store Lean . Pricing at SKU / store level, taking based on product elasticity . Clustering and assortment optimisation using . Further optimisation of rent costs with a Big Data solutions focus on revenue-linked rent . Big Data solution to increase accuracy of

Inventory promo forecast Rent . Introduce individual planograms based on JDA

32 BIG DATA CAPABILITIES

IT DATA SCIENCE CLUSTER METHODS

over 300 professionals

Big Data is primarily leveraged to drive business operations improvements

DEMAND ASSORTMENT PRICING CUSTOMER FORECASTING ADAPTATION OPTIMISATION PERSONALISATION

33 SPREAD OF TECHNOLOGY X5 RESPONSE – NEW INNOVATION CAPABILITIES

Sources:

Stage 1: Stage 2: Stage 3: Stage 4: SCOPING BUSINESS PILOTS ROLLOUT CASE

December 1,133 565 134 19 2019 STARTUPS STARTUPS PILOTS PROJECTS

ADDED IN 2020 +1,567 +735 +30 +16

December >2,700 1,300 164 35 2020 STARTUPS STARTUPS PILOTS PROJECTS

164 projects in innovations are currently being piloted at X5

34 TRANSFORMATION OF KARUSEL HYPERMARKETS

. 40 hypermarkets Karusel now . 1.5% of X5’s retail sales in Q2 2021 (down from 2.8% in Q2 2020) . 0.3% of X5’s EBITDA in 2020

. 40 remaining hypermarkets will be considered for closure, or transfer to Transformation Perekrestok or continuation under Karusel brand if operating and financial results plan of each store will be satisfactory in 2021

. In the longer term, we expect that the net impact on profitability will be positive Effect as we aim to improve sales densities and unit economics for the 28 stores that will be transferred to the Perekrestok brand

35 III. MACRO AND MARKET OVERVIEW

36 MACRO ENVIRONMENT (1/3) ANNUAL MACRO INDICATORS

Real GDP growth Nominal retail food sales Food CPI 2.5% growth 1.6% 1.3% 19.1% 0.3% 8.3% 6.5% 5.0% 4.3% 2.5% 1.8% 6.1% 4.5% 3.0% 3.9% (2.5)% 1.7% (3.1)% 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020

Real wage growth Unemployment rate Consumer confidence index

5.8% 5.6% 5.5% 8.5% 5.2% 4.8% 4.6% 2.9% 2.9% 2.5% 0.8% (12) (13) (14)

(23) (22) (26) (9.0)% 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020

Source: Rosstat, Infoline

37 MONTHLY MACRO INDICATORS (2/3)

Real food retail trade growth in Q2 2021 was The increase in real disposable income in Q2 driven by the low base effect 2021 was driven by the low base effect

15 Y-o-y growth rates, % 2.3 Y-o-y growth rates, % 11.0 2.1 9.0 1.9 7.0 10 1.7 1.5 5.0 1.3 3.0 5 1.1 1.0 0.9 (1.0) 0.7 (3.0) 0 0.5 0.3 (5.0) 0.1 (7.0) (0.1) (5) (9.0) (0.3) (0.5) (11.0)

(10) (0.7) (13.0)

Jul Jul

Jan Jan

Oct Oct

Jun Jun

Apr Apr

Feb Feb

Mar Mar

Dec Dec

Sep Sep

Aug Aug

Nov Nov

May May

Jul Jul

Jan Jan

Oct Oct

Jun Jun

Apr Apr

Feb Feb

Mar Mar

Dec Dec

Sep Sep

Aug Aug

Nov Nov

May May 2019 2020 2021 2019 2020 2021

Real food retail trade CPI food Unemployment level, y-o-y p.p. change Real disposable income (right scale) Real wages (right scale)

Source: Rosstat

H1 2021 food retail trade value was +9.9% (+2.0% in real terms) due to the low base effect 38 MACRO ENVIRONMENT (3/3)

Consumer sentiment deteriorated in Q2 The main factor behind the decline in 2020 driven by the situation with COVID-19 industrial production in 2020 was the and started improving in H2 due to the reduction in domestic and foreign demand, easing of pandemic related restrictions which began in March, as well as restrictions on the work of enterprises in various fields 0 14 65.0 12 60.0 (5) 10 8 55.0 (10) 6 50.0 (15) 4 2 45.0 (20) 0 40.0 (2) (25) (4) 35.0 (6) (30) 30.0 (8)

(35) (10) 25.0

Oct Oct Oct

Jun Jun Jun Jun

Apr Apr Apr

Feb Feb Feb

Dec Dec Dec

Aug Aug Aug

Jun Jun Jun Jun Jun Jun

Mar Mar Mar Mar Mar Mar

Dec Dec Dec Dec Dec

Sep Sep Sep Sep Sep 2016 2017 2018 2019 2020 2021 2018 2019 2020 2021

Industrial production (y-o-y, %) Consumer confidence index (Rosstat, %) IHS Markit Manufacturing PMI (SA, right scale)

Source: Rosstat, FOM

Key macro risk is weak consumer demand 39 RUSSIAN GROCERY RETAIL MARKET GLOBALLY

Grocery retail market size globally in 2020 1,322 1,250

407 287 269 266 233 227 USD bln 75 66 49

China USA India Japan United Russia Turkey Brazil Kingdom

CAGR 2010-20 3.8% 3.2% 10.3% (1.5)% 0.2% 0.5% 0.4% (1.5)% (5.6)% 1.5% (6.6)%

Modern grocery retail selling space per thousand people in 2020

527 526 464 411 360 339 287 232 sq. m 191 153 105

Canada USA Germany France Spain Poland United Russia Turkey China South Kingdom Africa

Source: Euromonitor Note: All number are excluding VAT/sales tax . Russia is the 8th largest grocery market globally and one of the fastest growing . Selling space availability of modern grocery retail stores in Russia is still behind most developed markets 40 RUSSIAN FOOD RETAIL MARKET WILL GROW 4% P.A. MID-TERM

CAGR 4% CAGR 10% 20 Consolidation phase Nominal CAGR 26% 17.9 CAGR 17.1 43% Expansion phase 16.1 16.4 15.1 15 Emerging phase 14.4 13.7 13.4 33% 33% 12.4 25% 24% 11.1 23% 23% 10.0 23% 10 9.1 8.0 13.7 12% 11% 6.5 13% 9% 8% 13% 7% 4.9 14% 5% 5 2% 5% 5% RUB tn 3.9 9% 4% 3.2 2% 2.6 3%

0 -7% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E 2022E

CPI food inflation as of year end, % 12% 10% 9% 16% 16% 6% 13% 4% 7% 7% 15% 14% 5% 1% 5% 3% 7% 4% 4%

Market, RUB tn Market y-o-y growth, %

Source: Rosstat, Infoline, X5 data

41 COMMITTED TO MAJOR FOOD RETAIL FORMATS

2023E: RUB 6.1 trn Total market size: Market growth 2020: RUB 16.4 tn ∆ RUB 1.3 trn 2023E: RUB 18.8 tn

2023E: RUB 3.1 trn

2023E: RUB 3.5 trn ∆ RUB (0.4 trn) ∆ RUB 0.1 trn 2023E: RUB 3.1 trn

∆ RUB 0.8 trn 2020: RUB 4.8 trn 2023E: RUB 1.6 trn ∆ RUB (0.3 trn) 2020: RUB 3.4 tn 2020: RUB 3.5 trn

2020: RUB 2.3 trn 2020: RUB 1.9 trn2023E: RUB 0.7 trn 2023E: RUB 704 bln ∆ RUB 0.3 trn ∆ RUB 549 bln 2020: RUB 0.4 trn 2020: RUB 155 bln Proximity / Supermarkets Hypermarkets Hard Other formats Traditional discounters discounters (specialised trade Online retailers, gas stations, dollar stores, etc.) Source: Infoline

Substantial mid-term growth potential for proximity and supermarkets

42 FOOD RETAIL GROWTH ESTIMATES

Food retail market turnover, RUB trn

16.1 16.4 17.1 18.8 25.4 0.3% 0.9% 1.7% 4% 11%

27% 29% 30% 32% 35%

22% 21% 20% 19% 15% 13% 11% 10% 9% 2% 3% 3% 5% 4% 5% 12% 14% 16% 16% 20% 24% 21% 19% 16% 9%

2019 2020 2021E 2023E 2030E

Traditional trade Other formats Hard discounters Hypermarkets Supermarkets Proximity / Discounters Online**

* Including formats: hard discounters, stores at gas stations, fix price stores ** Estimates for online format include online stores and delivery services Source: Infoline

The retail market will continue to grow and consolidate around the largest players. A significant share of the growth will come from online and soft discounters. 43 43 FURTHER CONSOLIDATION OF FOOD RETAIL MARKET

. Currently the top 5 players in Russia control just 32% market share compared to 60-70% in developed markets . Continued shift to modern retail and market consolidation will be the key sources for growth for the top players

Share of top-5 grocery retailers globally in 2020 Potential long-term market structure in 74% 74% Russia compared to developed markets Metro 2.6% Svaz Ceskych 7.3% Group 13.8% 60% 60% 9.8% 57% Aldi Group Group 3.8% 6.8% PPHU Casino 4.7% 7.6% Rewe Group Schwarz Morrison 47% 16.0% 12.5% 7.8% 19.1% Sainsbury Auchan Group 8.6% Schwarz 3.6% 12.1% Player 2 13.4% 8.0% 15-17% Ahold Delhaize 4.0% 10.6% Rewe Group ITM 5.2% 32% Rewe Group 17.1% 12.8% Eurocash 19.3% Sainsbury Kroger Auchan 1.5% 29% 14.8% Lenta 2.7% 11.9% 9.0% 1.6% E Leclerc DKBR 6.6% Yildiz 4.6% 13.0% Walmart Tesco 5.5% 25.9% 8.8% 23.7% Player 1 Schwarz Jerónimo A101 Yeni 6.4% 22.1% Tesco Walmart 20.0%+ Edeka 26.9% Martins 23.5% 25.3% 22.6% 23.3% Carrefour X5 15.6% BIM 12.8% 10.6%

Germany Czech Rep UK Poland France USA Russia Turkey Germany UK USA Russia

Source: Euromonitor, Infoline (for Russian market only), Company Reports, X5 analysis Over time the market leader will hold ca. 20%+ market share, while second player – 15-17% 44 RUSSIAN RETAIL MARKET SNAPSHOT

Top 10 Russian food retailers

% market share % market share # Company name 2020 2019

1 Х5 12.8% 11.5%

2 Magnit 8.8% 7.6%

3 DKBR 6.6% 5.7%

4 Lenta 2.7% 2.5%

5 Auchan 1.5% 1.5%

6 Svetofor 1.3% 0.7%

7 Metro 1.2% 1.1%

8 O`KEY 1.1% 1.0%

9 Monetka 0.8% 0.7%

10 Vkusvill 0.8% 0.6%

Total Top 10 37.4% 33.3%

Source: InfoLine

X5’s market share in offline food retail increased from 11.5% in 2019 to 12.8% in 2020

45 E-COMMERCE FOOD RETAIL MARKET

GMV Russian e-grocery market, RUB bn Key highlights . Russian e-grocery market is estimated to reach 2030E 2,836 RUB 295 bn in 2021, up 90% y-o-y . The e-grocery market is expected to grow faster

2023E 704 than any other market segment at 2.3 times by 2023 . Delivery services such as Sbermarket, 2021E 295 .Lavka and Samokat grew at much faster pace than other market players (~40% per year) 2020 155 and have become a threat to traditional offline and online retail

Top Russian online food retailers H1 2021 GMV, RUB bn

23.6 20.6 18.2

15.1

11.3 11.1 10.6 8.0

3.4 2.8

X5 ВкусВилл Сбермаркет Самокат Ozon.ru и Ozon Яндекс.Лавка Wildberries Утконос Лента онлайн Азбука вкуса Супермаркет

Source: Infoline 46 X5 ONLINE SALES DYNAMICS

Turnover (GMV*), RUB mln 11,873 11,327

9,145

6,229 6,817 5,724 3,809 4,525 1,664 2,498 1,317 118 1,861 5,336 5,098 5,056 1,052 710 1,014 989 14 4,060 3,208 227 307 1 2,381

Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021

# of orders per quarter, ths 5,273 5,239

3,747

4,103 4,239 1,786 2,452 1,701 901 659 855 518 280 277 307 68 64 93 200 13 1,295 1,170 1,000 1 591 885 846

Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021

Express delivery Perekrestok Vprok

*excluding promo codes and bonuses Source: X5 data 47 PEREKRESTOK VPROK: run-rate 11,000 daily orders (Jul-2021)

Business model overview Key operating metrics

Order made by customer 4 (2 in Moscow, via X5 proprietary app Darkstores 1 in St Petersburg, website 1 in Nizhniy Novgorod)

Employees c. 3,000

Order received at the Trucks c. 600 nearest X5 dark store

Orders per day >11,000

Average ticket c. RUB 4,900 Order assembled at X5 dark store Same-day/ SKUs per order 20-25 next-day delivery Assortment 70,000 SKUs Order picked up by X5 courier for delivery Free delivery for orders above: Delivery charge RUB 2,000 in Moscow; (>95% orders RUB 3,000 in Tula, Tver, Ryazan; delivered free- RUB 1,500 in St Petersburg and of-charge) RUB 1,000 in Nizhniy Novgorod Order delivered

Source: X5 data 48 EXPRESS DELIVERY: run-rate 45,000 daily orders (Jul-2021)

Business model overview Key operating metrics

Order made by customer Orders per day up to 50,000 via mobile app

Average ticket c. 1,400-1,600

Order received at the Stores ~1,400 nearest store

Click-to-deliver 45-55 min

SKUs per order 12-14 Order assembled at the store by in-store staff ~40-60 min Stores assortment >5,000 SKUs

RUB 99 fixed Delivery charge Order picked up by (partially subsidised by X5) a third-party courier

Regions of presence: 36

Order delivered

Source: X5 data 49 IV. OPERATIONAL AND FINANCIAL RESULTS Q2 2021

50 GROWING SHARE OF MOST PROFITABLE BUSINESSES

X5 revenue breakdown EBITDA margin 2020

2018 2020 8.1% 0% 1% Pyaterochka 3% 6% Perekrestok 7.2% 16% 15% Karusel 0.8% Discontinued Operations Discontinued Operations (Perekrestok Express (Perekrestok Express offline offline format) format) 79% 81% New businesses

X5 revenue 2Y evolution, RUB bn

+395 +77 +19 1,975 -35 -6

1,525

2018 Pyaterochka Perekrestok Karusel Perekrestok New businesses 2020 Express

Source: X5 data 51 X5 OPERATIONAL SUMMARY (QUARTERLY)

Net retail sales Traffic, mln customers Net selling space (eop)

1,478 15.4% 1,401 1,360 13.2% 12.7% 1,276 10.7% 9.6% 8.3% 8.3% 7.4% 1,205 8.1% 10.7% 8,063 7,510 7,680 7,840 7,936 526 544 493 486 506

Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021

Net retail sales, RUB bn Growth y-o-y, % Selling space, th. sq. m Growth y-o-y, %

LFL sales, y-o-y LFL traffic, y-o-y LFL basket, y-o-y 14.7% 7.4% 26.1% 7.3%

5.8% 6.9% 4.3% 13.3% 12.4% 5.1% 3.6% 4.3% 4.0% (1.8)% 8.8%

2.1% (7.2)% (9.2)%

(17.2)% (9.3)% Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 LFL basket, y-o-y Food CPI, %

Source: X5 data

52 PYATEROCHKA PROXIMITY STORES SUMMARY (QUARTERLY)

Q2 2021 net retail sales: Q2 2021 selling space: Q2 2021 sales densities: 10.3% increase y-o-y 7.8% increase y-o-y 3.4% increase y-o-y Net sales growth (% y-o-y) Net selling space growth (% y-o-y) Net sales densities (th. RUB/sq. m[1])

255 255 256 248 252 246 246 245 243 246 16.3% 17.4% 18.4% 15.6% 16.1% 15.7% 17.1% 13.4% 15.8%15.0% 11.5% 12.9%12.9% 9.9%10.3% 12.2% 10.8%9.5% 8.5% 7.8%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2019 2020 2021 2019 2020 2021 2019 2020 2021

Q2 2021 LFL sales: Q2 2021 LFL traffic: Q2 2021 LFL basket: 3.7% increase y-o-y 13.0% increase y-o-y 8.3% decrease y-o-y

Total LFL sales growth (% y-o-y) Total LFL traffic growth (% y-o-y) Total LFL basket growth (% y-o-y) 13.0% 24.8%

8.5% 4.2% 13.6% 6.9% 2.2% 3.2% 1.9% 13.1% 6.1% 6.0% 0.3% 8.9% 4.7% 4.8% 3.4% 3.7% 2.5% 3.1% 3.4% (0.4)% 1.6% 0.1% 1.8% 2.0% (5.9)% (8.5)%

(15.0)% (8.3)% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2019 2020 2021 2019 2020 2021 2019 2020 2021 Source: X5 data LFL basket, y-o-y Food CPI, % [1] − Total net sales from trailing four quarters divided by average selling space of trailing four quarters

53 PEREKRESTOK SUPERMARKETS SUMMARY (QUARTERLY)

Q2 2021 net retail sales: Q2 2021 selling space: Q2 2021 sales densities: 19.8% increase y-o-y 16.1% increase y-o-y 2.1% decrease y-o-y Net sales growth (% y-o-y) Net selling space growth (% y-o-y) Net sales densities (th. RUB/sq. m[1]) 344 335 337 334 329 332 333 330 325 330

21.3% 21.8% 20.3% 19.8% 19.4% 18.0% 18.7% 17.2% 18.1% 15.9%15.5% 16.6%16.1% 17.2% 16.7% 15.1% 15.4% 12.7% 12.6% 10.6%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2019 2020 2021 2019 2020 2021 2019 2020 2021

Q2 2021 LFL sales: Q2 2021 LFL traffic: Q2 2021 LFL basket: 7.3% increase y-o-y 31.9% increase y-o-y 18.6% decrease y-o-y

Total LFL sales growth (% y-o-y) Total LFL traffic growth (% y-o-y) 31.9% Total LFL basket growth (% y-o-y) 44.9% 17.8% 7.8% 6.3% 13.6% 12.7% 7.6% 7.7% 7.6% 7.3% 3.1% 5.9% 5.9% 3.0% 1.4% 4.4% 4.4% 1.3% 2.7% 1.4%

(0.2)% (0.2)% (10.8)% (2.4)% (2.6)% (13.6)% (32.6)% (15.2)% (18.6)% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2019 2020 2021 2019 2020 2021 2019 2020 2021 LFL basket, y-o-y Food CPI, % Source: X5 data [1] − Total net sales from trailing four quarters divided by average selling space of trailing four quarters

54 X5 QUARTERLY FINANCIAL HIGHLIGHTS (QUARTERLY)

Revenue Gross profit & gross margin SG&A (excl. D&A&I<I)[1]

25.6% 19.2% 25.3% 25.1% 25.2% 25.3% 17.9% 18.6% 17.9% 15.3% 17.5% 12.9% 12.7% 23.8% 10.7% 98.5 97.8 8.1% 97.1 13.5% 138.1 140.1 528.8 546.5 124.7 122.2 126.1 127.6 86.4 87.3 493.6 486.6 507.2 73.9

Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q2 2021 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q2 2021

IAS 17 IFRS 16 IAS 17 IFRS 16 Revenue, RUB bn Growth y-o-y, % Gross profit, RUB bn Margin, % SG&A (excl. D&A&I<I), RUB bn % of revenue

Capital expenditures, RUB bn Adj. EBITDA & EBITDA margin[2] Net profit & net profit margin 13.1% 3.3% 71.7 3.0% 2.5% 2.7% 8.5% 8.1% 8.3% 16.3 1.8% 16.1 28.0 7.0% 14.9 6.0% 22.8 23.9 45.4 11.9 21.6 41.9 39.2 0.5% 20.6 35.5 32.0 9.2

2.8

Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q2 2021 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q2 2021

IAS 17 IFRS 16 IAS 17 IFRS 16 Adj. EBITDA, RUB bn Margin, % Net profit, RUB bn Margin, % Source: X5 data [1] – Adjusted for impact from Karusel transformation [2] − Adjusted for LTI, exit payments and share-based payments, other one-off remuneration payments and impact from Karusel transformation 55 Q2 2021: ADJUSTED SG&A[1] EXPENSES ANALYSIS

Q2 2021 analysis as percentage of revenue 39 b.p. 17.9% 17.5% 0.8% 0.7% 19 b.p. 1.1% 25 b.p. 1.4% 1.2% (15) b.p. 1.1% 13.5% 1.8% 1.9% Third party services 8 b.p. 0.9% 1.2% Other expenses 1.0% 4.8% (5) b.p. 4.8% Other store costs 1.9% 0.6% Utilities

Lease expenses

Staff costs 8.0% 19 b.p. 8.1% 8.1%

Q2 2020 Q2 2021 Q2 2021 IAS 17 IFRS 16 Source: X5 data [1] − Adjusted for D&A&I, LTI, exit share-based payments and impact from Karusel transformation

56 X5 CAPITAL EXPENDITURES

Capex breakdown, Q2 2021 Capex dynamics by quarter, RUB mln

28,034 22,839 23,907 21,641 20,583

14% New store openings Refurbishments 36% Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Logistics 14% RUB IT Expected change in Capex structure 24 bn Maintenance 10.5% y-o-y Other 7% 3% 4% 8% 13% 2% 90% 83% New businesses 27% Efficiency, IT, digital transformation, etc.

Current business

2020 2022E Source: X5 data (prepared under IAS 17) In Q2 2021 the capex programme focused mainly on organic expansion, refurbishments and maintenance 57 X5 DEBT STRUCTURE

Debt profile Debt portfolio maturity

100% 16% RUB mln 30 Jun 2021 30 Jun 2020 31% Total Debt 266,197 231,778

Short-Term Debt 76,274 73,622 42% % of total debt 28.7% 31.8%

Long-Term Debt 189,923 158,156

% of total debt 71.3% 68.2% 11%

Net Debt 253,349 220,476 30 Jun 2021 2021 2022 2023 2024

Covenants & liquidity update Highlights

Covenant metrics & . X5’s debt portfolio is 100% RUB-denominated 30 Jun 2021 30 Jun 2020 liquidity sources . The majority of the X5’s loans and all bonds have Net Debt / EBITDA (IAS 17) 1.68x 1.68x fixed interest rates

Cash & cash equiv., RUB mln 12,848 11,302 . X5’s available credit limits amounted to RUB Available credit limits, RUB 464.4 bln 464,442 429,638 mln . Record-low cost of debt

Source: X5 data

58 X5 DIVIDENDS

Dividend policy Dividends dynamics 127.6% . The dividend policy approved in 2017 and amended 115.8% in 2020. 87.3% 50.0 69.0% . Key dividend policy principals1: 30.0 25.0 21.6 – The Company intends to pay a full year dividend per share that will be stable or growing over time in absolute Russian Ruble-denominated terms.

– The dividend payout will be based on operating 2017 2018 2019 2020 cash flow and a target consolidated net debt1 / adjusted EBITDA2 ratio of below 2.0x per the end Dividends, RUB bn Payout ratio (IAS 17) of the year for which the dividend is being proposed, taking into account considerations Dividends paid Y-o-Y growth, % including but not limited to the Company's growth profile, capital requirements and return on capital. 2018 2019 2020* – Starting 2020, X5 commits to semi-annual RUB 15.8% 20.0% 66.7% dividend payments. The interim dividend will be 3 announced following the release of the third USD 11.3% 13.1% 60.3% quarter results. *interim dividend in the amount of RUB 20 bln was paid in December 2020

Source: X5 data

1. Calculated based on the Company's full year consolidated financial statements or information in accordance with IFRS 16 as of the end of each reporting period as the sum of short-term borrowings and long-term borrowings less cash and cash equivalents. 2. EBITDA shall be adjusted (decreased) by the amount that would have been recognised as operating lease, other store costs, third party services and other expenses payable during the period, but which is not recognised as such under IFRS 16, as well as the amount of the net effect from decrease in the scope of the lease and terminations of lease agreements recognised under IFRS 16. 3. FX rate as of dividend payment dates 59 X5 PROFIT AND LOSS STATEMENT

IAS 17 IFRS 16

RUB mln Q2 2021 Q2 2020 +/( - ) +/ ( - ), % Q2 2021

Revenue 546,512 493,631 52,881 10.7% 546,512

Net retail sales 544,409 492,975 51,434 10.4% 544,409

COGS (408,422) (368,904) (39,518) 10.7% (406,416)

Gross profit 138,090 124,727 13,363 10.7% 140,096

Gross profit margin 25.3% 25.3% 0 b.p. 25.6%

SG&A (117,822) (102,284) (15,538) 15.2% (112,289)

EBITDA 44,029 41,327 2,702 6.5% 70,333

EBITDA margin 8.1% 8.4% (32) b.p. 12.9%

Operating profit 25,371 25,932 (561) (2.2)% 33,303

Operating margin 4.6% 5.3% (61) b.p. 6.1%

Net profit 16,133 16,275 (142) (0.9)% 14,920

Net profit margin 3.0% 3.3% (35) b.p. 2.7%

Source: X5 data

60 X5 BALANCE SHEET (IFRS 16)

RUB mln 30 Jun 2021 30 Jun 2020 Total current assets 191,489 166,432 Cash & cash equivalents 12,848 11,302 Inventories 142,024 128,466 Total non-current assets 990,176 930,177 Right-of-use assets 498,437 455,047 Net PP&E 325,229 318,612 Goodwill 104,946 102,907 Total assets 1,181,665 1,096,609 Total current liabilities 402,070 369,545 ST debt 76,274 73,622 ST finance lease payables 69,493 63,740 Trade accounts payable 160,836 149,411 Total non-current liabilities 692,190 621,823 LT debt 189,923 158,156 LT finance lease payable 499,196 454,714 Total liabilities 1,094,260 991,368 Total 87,405 105,241 Total liabilities & equity 1,181,665 1,096,609

Source: X5 data

61 X5 CASH FLOW STATEMENT

IAS 17 IFRS 16 RUB mln Q2 2021 Q2 2020 +/( - ) +/ ( - ), % Q2 2021 Net cash generated from 36,666 17,061 19,605 114.9% 52,710 operating activities Net cash from operating activities before 44,486 41,563 2,923 7.0% 70,397 changes in working capital

Change in Working Capital, incl.: 932 (15,042) 15,974 (106.2)% 998 Decrease/(increase) in trade and 203 (501) 704 (140.5)% 195 other AR Decrease/(increase) in inventories (566) (8,877) 8,311 (93.6)% (566)

(Increase)/decrease in trade payable 431 (3,423) 3,854 (112.6)% 431

(Decrease)/increase in other AP 864 (2,241) 3,105 (138.6)% 938

Net interest and income tax paid (8,752) (9,460) 708 (7.5)% (18,685) Net cash used in investing (24,086) (20,749) (3,337) 16.1% (23,662) activities Net cash generated (11,870) 3,112 (14,982) - (28,338) from/(used in) financing activities Effect of exchange rate changes on cash & (75) 6 (81) - (75) cash equiv. Net increase/(decrease) in cash & 635 (570) 1,205 (211.4)% 635 cash equiv.

Source: X5 data

62 APPENDIX I. PERFORMANCE SUMMARY OF KEY FORMATS

63 PYATEROCHKA SUMMARY (1/2) RUSSIA’S #1 PROXIMITY NETWORK BY REVENUE

17,268 stores as of 6,783 th. sq. m of selling space 30 June 2021, as of 30 June 2021, 7.3% increase y-o-y +7.8% y-o-y

Q2 2021 net retail sales – 1,304 mln of customer visits in RUB 447.6 bn, Q2 2021, +20.5% y-o-y 10.3% increase y-o-y

Q2 2021 LFL Results Pyaterochka as % of X5's Q2 . Sales: 3.7% 2021 sales: ~82% . Traffic: 13.0% . Basket: (8.3%)

. Avg. net selling space: 393 sq. m. Average Pyaterochka check . Pyaterochka sub-formats (offine): – 250-330 sq. m. RUB 394 (Q2 2021) – 330-430 sq. m. 8.4% decrease y-o-y – 430-620 sq. m. – 620-and more

Average number of SKUs: Capex per leased Pyaterochka: 4,500 RUB 12-15 mln

The proximity store for your daily shopping needs

64 PYATEROCHKA PROXIMITY STORES SUMMARY (2/2) FORMAT STRATEGY HIGHLIGHTS . Increase number of loyal customers and maximise share of their wallet: − New CVP and further adaptation of assortment − Leadership in NPS and service level − Better personnel turnover and engagement − Focus on operational efficiency, incl. shrinkage − Roll-out of personalised promo . Improve efficiency and reduce costs: − Further improvements in purchasing terms and opex per store/in logistics − Lean and agile approach − Higher share of direct import − Higher share of private label to >20% during the next 3-5 years − Improve efficiency of regional model

65 PEREKRESTOK SUPERMARKETS SUMMARY (1/3) RUSSIA’S #1 SUPERMARKET

968 stores as of 1,059 th. sq. m. of selling 30 June 2021, space as of 30 June 2021, 12.3% increase y-o-y 16.1% increase y-o-y

Q2 2021 net retail sales of 163 mln customers in Q2 2021, RUB 87.9 bn, +49.9% y-o-y 19.8% increase y-o-y Q2 2021 LFL Results . Sales: 7.3% . Traffic: 31.9% Perekrestok of X5's Q2 2021 sales: . Basket: (18.6)% ~16%

NPS 30 points in Q2 2021, 3 p.p. increase y-o-y Average Perekrestok check (offline): RUB 591 (Q2 2021), 19.4% decrease y-o-y Avg. net selling space: 1,094 sq. m.

Average number of SKUs: Capex per leased Perekrestok: 8,000 – 15,000 RUB 50-60 mln

The main supermarket in every neighbourhood

66 PEREKRESTOK SUMMARY (2/3) FORMAT STRATEGY HIGHLIGHTS

. Value proposition and adapting to customer needs: − Further adaptation of assortment with focus on fresh, F&V, ready-to-eat − Omni-channel development − Targeted loyalty system and personalised promo − Best-in-class service, further increase of NPS − Comfort and positive emotions from shopping − Chain expansion with aim of being closer to the customer

. Improve efficiency and reduce costs: − Further improvements in purchasing terms and opex − Increase the share of private labels − Increase the share of direct import − Further improve logistics (forecasting, stock replenishment system)

67 PEREKRESTOK SUMMARY (3/3): VPROK.RU PEREKRESTOK

Net sales, RUB mln Average customer spending per 4,747 month, RUB ths 4,4924,256 3,592 11.6 2,836 2,096 6.7 x1.6 6.0 1,630 867 922 636 891 276 5.6

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Before Online launch After Online launch 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Offline Online

Number of orders and average ticket X5 online targets RUB

1,295 4,877 5,500 . Increase number of darkstores to 12 1,170 4,500 by 2022 (from 5 in Dec 2020) 1,000 3,362 885 846 3,500 . Increase assortment and develop

591 2,500 sales on external 505 1,500 306 280 277 200 500 93 -500 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Number of orders, ths Average ticket, RUB

68 APPENDIX II. RUSSIAN FOOD RETAIL

69 RUSSIAN FOOD RETAIL MARKET SNAPSHOT IN 2020

Russian population – key statistics . 146.8 mln people Population structure . 40 – average age . 75% - urbanisation level 22% 22% younger than 20 . 8.5 people per sq. km - density 20-40 years . 25% - share of pensioners 40-60 years Food retail in Russia 27% 28% older than 60 . 8th largest grocery market globally . 4.8% – six-year historical CAGR . 30% – food spending in household budgets Largest industries in Russia by . 78% – share of modern retail turnover, RUB tn . 3.9% - food CPI (5.1% in 2019) 31.5

24.1 Positive trend in demographics . Life expectancies reached a historic peak in 2018, at 78 years for women and 68 years for men 8.4 5.1 . 43% drop in alcohol consumption since its peak in 2003 Retail, all Oil&Gas Construction Agriculture . 30% decrease in tobacco use from 2009 to incl. non-food 2016

Source: Rosstat, World Health Organisation, Global Adult Tobacco Survey 70 HEALTHY LIFESTYLE TREND CHANGES EATING HABITS

84% 67% of Russian population of Russian population changed their eating started to eat more habits fruits and vegetables

65% 53% of Russian population of Russian population decreased sugar decreased fat intake consumption

62% of Russian population value wide assortment of healthy food when choosing a store Source: Nielsen 71 RUSSIAN POPULATION DISTRIBUTION

North North Name Southern Central Volga Ural Siberian Far East Caucasus Western

Population, % 7 11 27 20 10 8 12 6

Land area, % 1 3 4 6 10 11 30 36

Population density 58.5 36.8 60.4 28.1 8.3 6.8 3.9 1.2 (people/km)

Share of modern 20% 64% 86% 82% 96% 82% 78% 57% retail, %

Source: Rosstat, Infoline 75% of the Russian population live in the Central part of Russia, which accounts for less than a quarter of the entire territory 72 RUSSIAN GROCERY RETAIL MARKET DYNAMICS

CAGR CAGR 2017-2020 2020-2023 16% 22% 27% 26% 24% (3)% (5)%

40% 41% 43% 3% 4% 43% 42%

44% 37% 30% 32% 33% 12% 10%

2017 2018 2019 2020 2023

Federal chains Regional modern trade Traditional trade

Source: Infoline Despite the substantial level of modern trade penetration in Russia, there is still potential for further growth in modern retail 73 TRADITIONAL VS. MODERN RETAIL ACROSS KEY WORLD REGIONS IN 2020

13% 19% 18% 25% 22%

49% 64% 69%

87% 81% 82% 75% 78%

51% 36% 31%

Middle East Asia Pacific Latin America Eastern Australia Western North Russia and Africa Europe Europe America Modern retail Traditional retail

Source: Euromonitor, Infoline Note: All values used are nominal. All numbers are excluding VAT/sales tax The share of modern retail in Russia has already reached the level of Eastern Europe but is still lower than in developed countries 74 MODERN RETAIL PENETRATION IN RUSSIA BY REGION IN 2020

Average=78%

97% 89% 85% 82% 82% 82% 69% 64%

St Petersburg North-Western Moscow and Central (excl. Ural Volga Siberia and Far South (exc.St Moscow region Moscow and East Petersburg and Moscow region) Leningrad region)

Source: Infoline North-Western region is characterised by high level of modern retail penetration, while others still have potential for growth 75 GROCERY RETAIL REGULATION IN RUSSIA

REGULATORY ASPECT KEY TRENDS

Antimonopoly . 25% individual market share cap in any given region legislation

. Maximum bonuses from suppliers reduced from 10% to 5% from July 2016 Relations with suppliers . Maximum days payable are set depending on a product’s shelf life

. Government has a right to set price caps for socially important Price regulation groceries in case of high inflation

. No direct regulation, affected by import ban from EU/US and other Assortment countries

Source: Federal Law 381, Government of Russia

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